| the ppi we're running at 6.9 | 6.48 | Jump to 8.0 |  |  | 
              
                
                  | friday 4.9 core year-over-year and then | 5.92 | Jump to 14.48 |  |  | 
              
                
                  | the four and a half percent level those | 2.799 | Jump to 20.4 |  |  | 
              
                
                  | see this afternoon at 2 30 is a | 4.88 | Jump to 27.359 |  |  | 
              
                
                  | they've been tapering at a pace of 15 | 4.16 | Jump to 35.2 |  |  | 
              
                
                  | billion dollars a month in november and | 3.92 | Jump to 37.84 |  |  | 
              
                
                  | december we think they double that to 30 | 4.719 | Jump to 39.36 |  |  | 
              
                
                  | billion dollars a month in january | 4.4 | Jump to 41.76 |  |  | 
              
                
                  | first quarter and what that sets us up | 3.199 | Jump to 47.84 |  |  | 
              
                
                  | balance of calendar 22 and calendar 23. | 6.48 | Jump to 55.68 |  |  | 
              
                
                  | so by the end of 23 interest rates uh | 6.24 | Jump to 59.12 |  |  | 
              
                
                  | fed funds rate level could be 175 basis | 5.2 | Jump to 62.16 |  |  | 
              
                
                  | 1.75 now the big question phil would be | 5.159 | Jump to 71.64 |  |  | 
              
                
                  | generally the s p 500 or groups of | 6.16 | Jump to 79.68 |  |  | 
              
                
                  | was up 25 this year we're up 117 | 6.799 | Jump to 102.0 |  |  | 
              
                
                  | eight to ten percent | 4.08 | Jump to 114.399 | 
                      
                        
                      
                        PERCENT
                      
                      
                        eight to ten percent
                      
                     |  | 
              
                
                  | about ten percent our target for the | 4.081 | Jump to 118.479 | 
                      
                        
                      
                        PERCENT
                      
                      
                        about ten percent
                      
                     |  | 
              
                
                  | full years is fifty three hundred the | 5.36 | Jump to 120.24 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        fifty three hundred
                      
                     |  | 
              
                
                  | the value stocks are trading at about 17 | 5.359 | Jump to 125.6 |  |  | 
              
                
                  | about twice that 34 times earnings and | 4.0 | Jump to 132.64 |  |  | 
              
                
                  | nobody looks their balance sheet no one | 3.76 | Jump to 168.4 |  |  | 
              
                
                  | one for much greater volatility next | 4.719 | Jump to 188.8 |  |  |